Guaranty Trust Bank fine upped 40% for aggravating factors on AML system failures

Senior management have been blamed by the FCA for AML systems and controls failures at Guaranty Trust Bank (UK) Limited, which has just been penalised £7.6 million.

By Neasa MacErlean

The fine is the second meted out to the firm - which aimed to be "the premier African bank for Africans who are not resident in the UK but have business connections there".